Canaccord Genuity Group Lowers Archer Aviation (NYSE:ACHR) Price Target to $13.00

Archer Aviation (NYSE:ACHR) had its price target cut by Canaccord Genuity Group from $14.00 to $13.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 40.00% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a research report on Thursday, January 16th. HC Wainwright restated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Cantor Fitzgerald upped their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $11.25.

Archer Aviation Stock Performance

ACHR stock opened at $9.29 on Wednesday. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.95 billion, a PE ratio of -7.03 and a beta of 3.13. The business has a 50 day moving average of $9.30 and a 200-day moving average of $5.79. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48.

Insider Buying and Selling at Archer Aviation

In related news, CEO Adam D. Goldstein purchased 19,762 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the transaction, the chief executive officer now directly owns 2,014,890 shares in the company, valued at approximately $10,316,236.80. This represents a 0.99 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ACHR. The Manufacturers Life Insurance Company increased its stake in Archer Aviation by 42.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after acquiring an additional 36,130 shares during the last quarter. Creative Planning lifted its position in Archer Aviation by 74.1% during the third quarter. Creative Planning now owns 28,851 shares of the company’s stock valued at $87,000 after purchasing an additional 12,278 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Archer Aviation by 88.9% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 55,732 shares of the company’s stock worth $169,000 after buying an additional 26,222 shares in the last quarter. Stratos Wealth Advisors LLC increased its holdings in shares of Archer Aviation by 157.4% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 58,149 shares of the company’s stock worth $176,000 after buying an additional 35,554 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC bought a new stake in shares of Archer Aviation during the 3rd quarter worth $36,000. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.